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Puro.earth at COP29: Interests and Calls to Action for Durable CDR

As we embark on the 29th United Nations Climate Change Conference of the Parties (COP), Puro.earth is attending to meet with Governments, observe the Article 6 negotiations, and share our knowledge in panels to support the expansion of the durable carbon removals sector. 

COP29 is called the Finance COP as Parties(countries) should agree to set a New Collective Quantified Goal (NCQG) on Climate Finance from a floor of USD 100 billion per year by 2025. 

There is a broad agenda but the main topics that are most relevant to durable carbon dioxide removals are national pledges and carbon markets (Article 6). Below we share our interests and calls to action for the Conference of the Parties (COP) meeting in Baku: 


1. Updates to Nationally Determined Contributions 

The United Nations Environment Program (UNEP) Emissions Gap report recently released shows again that greenhouse gas (GHG) emissions have risen this year and the world is on track to global warming of 3 degrees above pre-industrial levels. It’s a sobering call to action. 

COP29 will focus on enhancing ambition, ensuring countries commit to ambitious national targets. These pledges known as Nationally Determined Contributions (NDCs) form the backbone of global efforts to combat climate change, and the deadline to update them is February 2025. The World Resources Institute’s (WRI) Climate Watch platform is launching an interactive NDC Tracker ahead of COP29, which will enable users to track and analyse the new submissions. 

  • Therefore, we call on governments to include a role for durable carbon dioxide removals within their NDCs so that these activities can scale now and reduce costs through learning by doing. 

2. Article 6 – international co-operation 

Article 6 of the Paris Agreement enables international co-operation to enhance ambition and deliver net-zero emissions and it has 3 main mechanisms: 

  1. Article 6.2 – co-operative approaches between governments or for other international mitigation purposes such as the international aviation or maritime sectors which exist outside the of the Paris Agreement. Carbon credits created for the aviation market, for example, the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) must become Internationally Transferred Mitigation Outcomes (also called ITMOs).
  2. Article 6.4 – now called the Paris Agreement Crediting Mechanism – a United Nations project-based carbon crediting program; and 
  3. Article 6.8 - non market-based measures. 


3. Article 6.2 – raising ambition and creating Internationally Transferred Mitigation Outcomes (ITMOs) 

Article 6.2 is already operational, and the International Emissions Trading Association (IETA) has created some great visualisations https://www.ieta.org/resources/visualising-article-6-implementation/ 

CO2 Removal Suppliers are responsible for obtaining authorization from the host country to transfer their credits to another country or, for example, into the aviation market. This authorization is initially granted through a Letter of Authorization. To learn more about our processes for transferring CORCs into ITMOs, click here. 

Therefore, on Article 6.2, Puro.earth 

  • supports agreement on the final rules outstanding at COP29 to enable for the trading of ITMOs; 
  • requests simplified and consistent reporting formats; and 
  • asks that revocation associated with the international transfer of credits be avoided as it risks undermining investment. 

It’s nearly a decade since the Paris Agreement was agreed and we call for agreement on the rules and reporting under Article 6.2 to enable projects to scale.


4. Article 6.4 mechanism – now called the Paris Agreement Crediting Mechanism (PACM) 

We support the approach to adopt standards for removals and methodologies, and we agree that not all removals have similar risk of reversal and should be treated differently. For the avoidance of doubt, the UN will issue credits under the PACM and we support the go-live of this mechanism and believe it will influence the project-based credit market through the standards and methodologies being developed. 


In summary 

The COP is a complex conference, and Puro.earth is there to represent durable carbon dioxide removals to international stakeholders, understand the negotiations on Article 6 as we get ready to create ITMOs, and call for the inclusion of durable carbon dioxide removals in NDCs. 


Want to get involved with COP29 from home or in Baku? Here’s how: 


Is your organization ready to include carbon removal in your climate actions? Start here. 


Standard Chartered Bank and SEB Partner with Puro.earth to Unlock Liquidity in the CDR Market and Drive CORC Production for Corporate Net-Zero Goals

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